ASGARD: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ASGARD
Largest movements
- Receivables within one year +€53,848
up €53,848 (+52.5%), from €102,500 to €156,348
of which Trade receivables: +€45,955
- Cash -€49,140
down €49,140 (-76.8%), from €63,997 to €14,857
mainly Receivables within one year (-€53,848) and Investment in fixed assets (net) (-€26,734)
- Tangible fixed assets +€17,872
up €17,872 (+40.5%), from €44,181 to €62,053
of which Furniture and vehicles: +€18,168
- Reserves +€63,023
up €63,023 (+9.2%), from €685,606 to €748,629
- Other debts -€24,501
down €24,501 (-90.2%), from €27,178 to €2,677
- Trade debts -€11,973
down €11,973 (-57.5%), from €20,813 to €8,840
- Short-term financial debts +€10,096
new in 2025: €10,096
- Current portion of long-term debt -€8,450
down €8,450 (-100.0%), from €8,450 to €0
- Gross operating margin -€19,794
down €19,794 (-15.0%), from €131,783 to €111,989
- Other operating charges +€14,625
up €14,625 (+3204.4%), from €456 to €15,081
- Taxes -€7,345
down €7,345 (-24.9%), from €29,452 to €22,107
- Financial charges -€3,578
down €3,578 (-73.5%), from €4,865 to €1,287
- Depreciation -€1,478
down €1,478 (-14.3%), from €10,340 to €8,862
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €778,273 | €800,254 | +€21,981 | +2.8% |
| Fixed assets | 21/28 | €609,481 | €627,353 | +€17,872 | +2.9% |
| Tangible fixed assets | 22/27 | €44,181 | €62,053 | +€17,872 | +40.5% |
| Plant, machinery and equipment | 23 | €2,728 | €2,433 | -€296 | -10.8% |
| Furniture and vehicles | 24 | €41,453 | €59,620 | +€18,168 | +43.8% |
| Financial fixed assets | 28 | €565,300 | €565,300 | = | 0.0% |
| Current assets | 29/58 | €168,792 | €172,901 | +€4,109 | +2.4% |
| Amounts receivable within one year | 40/41 | €102,500 | €156,348 | +€53,848 | +52.5% |
| Trade receivables | 40 | - | €45,955 | +€45,955 | |
| Other amounts receivable | 41 | €102,500 | €110,393 | +€7,893 | +7.7% |
| Cash at bank and in hand | 54/58 | €63,997 | €14,857 | -€49,140 | -76.8% |
| Deferred charges and accrued income | 490/1 | €2,295 | €1,696 | -€599 | -26.1% |
| Total equity and liabilities | 10/49 | €778,273 | €800,254 | +€21,981 | +2.8% |
| Equity | 10/15 | €705,906 | €768,929 | +€63,023 | +8.9% |
| Contributions | 10/11 | €20,300 | €20,300 | = | 0.0% |
| Reserves | 13 | €685,606 | €748,629 | +€63,023 | +9.2% |
| Distributable reserves | 133 | €685,606 | €748,629 | +€63,023 | +9.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €72,367 | €31,325 | -€41,042 | -56.7% |
| Amounts payable within one year | 42/48 | €72,367 | €30,885 | -€41,482 | -57.3% |
| Current portion of amounts payable after more than one year | 42 | €8,450 | €0 | -€8,450 | -100.0% |
| Financial debts | 43 | - | €10,096 | +€10,096 | |
| Credit institutions | 430/8 | - | €10,096 | +€10,096 | |
| Trade debts | 44 | €20,813 | €8,840 | -€11,973 | -57.5% |
| Suppliers | 440/4 | €20,813 | €8,840 | -€11,973 | -57.5% |
| Taxes, remuneration and social security | 45 | €15,926 | €9,273 | -€6,654 | -41.8% |
| Taxes | 450/3 | €15,926 | €9,273 | -€6,654 | -41.8% |
| Other amounts payable | 47/48 | €27,178 | €2,677 | -€24,501 | -90.2% |
| Accrued charges and deferred income | 492/3 | - | €440 | +€440 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,340 | €8,862 | -€1,478 | -14.3% |
| Other operating charges | 640/8 | €456 | €15,081 | +€14,625 | +3204.4% |
| Gross operating margin | 9900 | €131,783 | €111,989 | -€19,794 | -15.0% |
| Operating profit (loss) | 9901 | €120,987 | €88,045 | -€32,942 | -27.2% |
| Financial income | 75/76B | €0 | €37 | +€37 | +373100.0% |
| Recurring financial income | 75 | €0 | €37 | +€37 | +373100.0% |
| Financial charges | 65/66B | €4,865 | €1,287 | -€3,578 | -73.5% |
| Recurring financial charges | 65 | €4,865 | €1,287 | -€3,578 | -73.5% |
| Profit (loss) for the period before taxes | 9903 | €116,122 | €86,796 | -€29,326 | -25.3% |
| Income taxes | 67/77 | €29,452 | €22,107 | -€7,345 | -24.9% |
| Profit (loss) for the period | 9904 | €86,670 | €64,689 | -€21,981 | -25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €86,670 | €64,689 | -€21,981 | -25.4% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.